Non-fungible tokens or NFTs are on the horizon for changing how digital media is distributed and monetized, representing the new potential for companies to earn a profit. That also means the job market will change due to the new roles that will open up, requiring a unique combination of skills that IT staffing services can help fill.
In part 1 of this series, we explained NFTs, what they’re used for, and how they skyrocketed to fame. This article will focus more on NFT’s ability to introduce new ways digital media companies earn money and how it will change the job market. Here’s what you need to know:
Creating New Monetization Models for Digital Media
The digital content available today is monetized, usually on platforms like Spotify, Netflix, and Facebook. These platforms serve as the liaison between content creators and their target audiences and earn a commission by being the distributor. While creators own the copyright to their content, they must give up a portion of their ownership to the platform owners and consumers once their work is uploaded.
However, NFT adds a unique appeal to the ownership of digital assets. It offers consumers the privilege of owning an asset that cannot be shared with anyone unless they choose to trade it. As consumers continue to trade an NFT and earn cryptocurrency like Ethereum for it, the resale value increases exponentially, opening profitable opportunities for companies who choose to capitalize on it. Much of digital assets’ value derives from their ability to be remixed or copied. NFT harmonizes both non-fungibility and the quality of being remixed by verifying rightful owners and label remade copies of the assets as fan-made.
Unlocking New Roles for IT Specialists
The financial crisis of 2008 is arguably what fueled the popularity of financial technology, which was made even more valuable during COVID-19, which cemented the importance of technological solutions. NFT can be regarded as a result of this, branching out as an innovative way to use blockchain technology while highlighting the importance of its adoption in enterprises. Gone are the days where IT specialists were hired purely for cybersecurity, IT infrastructure, or other traditional reasons. They’ll become more critical than ever in ensuring a company stays relevant and vital to its target audience.
Prominent financial institutions such as big banks have used machine learning and Ethereum-based blockchains for several years to remove the requirement of a trusted third party for smart contracts. Similarly, new roles will be on the horizon to tackle blockchain and NFT-related responsibilities, such as advancing a company’s brand recognition by minting its digital assets or even experiences as NFTs. Organizations can also take advantage of this new phenomenon by commodifying access to these assets, for which NFT is ideal. It will require a different approach, a multi-disciplinary background, and specialized IT knowledge, presenting a lucrative opportunity for IT professionals who have wanted to explore a new area within the field. Since NFT involves an ever-changing chain of ownership, the creation of digital collectibles, and blockchain technology knowledge, there will undoubtedly be an increased demand for specialists well-versed in these areas.
NFTs are growing more popular than ever. More brands are joining the bandwagon to experiment with its features and launch digital collectibles to earn more income and establish a deeper relationship with their target audience. By finding IT specialists intimately familiar with NFTs, you’ll open up new avenues for your company to succeed.
Technical Paradigm is among the top IT staffing firms that connect the right candidates to suitable roles and companies. We provide innovative IT workforce solutions that drive the success of both our clients and talent. Contact us today to learn more about how we can help you!